Opportunity for Vietnam – Guangxi business cooperation promotion

There is still significant potential for promoting and leveraging trade and investment cooperation between Vietnam and Guangxi province (China). 

Vietnam – Quangxi trade cooperation

According to Ms. Yang Yanyan, Secretary-General of CABIS and President of CCPIT Guangxi, Vietnam has always been Guangxi’s largest trading partner. As Vietnam and China relax their pandemic prevention measures, economic and trade cooperation between Guangxi – Vietnam cooperation is expected to become even closer, with trade volumes increasing further, providing better cooperation opportunities for businesses in the two countries.

According to Nanning Customs, in 2023, Guangxi’s import-export turnover with Vietnam reached 253.95 billion RMB (approximately 36.3 billion USD), an increase of 29.2%. Of this, Guangxi’s exports were 191.59 billion RMB (approximately 27.4 billion USD), up 23.1%, while imports from Vietnam were 62.36 billion RMB (approximately 8.9 billion USD), up 52.5%.

Currently, Guangxi enterprises prioritize cooperation in fields such as electronic information, optoelectronics, new energy vehicles, innovative materials, advanced equipment manufacturing, digital economy, green economy, and technological innovation. 

Opportunities for Vietnam – Guangxi Business Cooperation

Ms. Yang stated that innovative and favorable foreign investment policies present an opportunity for Vietnamese enterprises to expand their business cooperation in Guangxi.

VCCI Vice President Nguyen Quang Vinh also noted that in recent years, under the direct guidance and orientation of the high-level leaders of both Vietnam and China, especially following General Secretary Nguyen Phu Trong’s visit to China and General Secretary and President Xi Jinping’s visit to Vietnam, the comprehensive strategic cooperative partnership between Vietnam and China has continued to be strengthened and enhanced. This has contributed to promoting cooperative relations between the business communities of both sides.

Deepening the partnership

The VCCI Vice President Nguyen Quang Vinh assessed that with its geographical advantages, Guangxi province holds substantial potential and opportunities to develop economic and trade cooperation with Vietnamese localities and enterprises in areas where both sides have strengths. This would facilitate the export of Vietnam’s strong products to the Chinese market and, conversely, help Guangxi’s products deeply penetrate the ASEAN market through Vietnam. 

In order to deepen cooperation, Ms. Yang expressed her desire for VCCI to encourage Vietnamese businesses to enhance market surveys and explore cooperation opportunities in Guangxi province. She also invited the Vice President of VCCI and Vietnamese enterprises to attend the China-ASEAN Business and Investment Summit (CABIS) 2024.

Based on the close cooperation, the VCCI Vice President affirmed that VCCI is ready to exchange information and cooperate with CCPIT Guangxi to promote trade relations between the business communities of both sides in areas such as industry, clean technology, high technology, agriculture, and tourism.

Additionally, the VCCI Vice President shared that VCCI is in the process of establishing a representative office in Lao Cai province. Vice President Nguyen Quang Vinh hopes this will enhance cooperation between Guangxi province and several provinces in Northwest Vietnam.

During the meeting, the VCCI Vice President also extended an invitation to the President of CCPIT Guangxi to attend the ASEAN Business and Investment Summit (ASEAN BIS), which will be held in Vientiane, Laos, in the near future. As the Chairman of the ASEAN BAC Vietnam Council, VCCI Vice President Nguyen Quang Vinh emphasized that VCCI/ASEAN BAC Vietnam is always ready to support and cooperate with Guangxi province in particular and China in general to boost the development of business cooperation between China and ASEAN in the future.